What Trump Expects by Giving China a 90-Day Tariffs Break

Regarding the China trade deal, White House officials have struggled to explain, for example, whether China has actually agreed to drop its 40% tariffs on USA autos.

"The trade war between the United States and China has been put on hold for the holidays, but the respite will be brief given the 90-day deadline and inherent difficulty in addressing the fundamental factors driving trade tensions between the two countries", he said.

A lack of detail from the Chinese side has left investors and analysts wondering if Mr Trump's exuberance is warranted, and if details touted by the White House but left out of Chinese reporting on the agreement are in question.

"There was a significant commitment from both leaders on what needs to be done over the 90 days and instructions to both teams to negotiate and turn this into a real agreement with specific action items, deliverables and time frames", Mnuchin said.

Trump also said in a tweeton Saturday that China had agreed "to reduce and remove tariffs on cars coming into China from the U.S".

Trump said China had committed to buying large amounts of U.S. agricultural products and completely removing all tariffs on United States automobiles, a huge shift from its current 40 per cent penalty, although China hasn't confirmed this. The fact that China made no mention of agriculture in its statement after the meeting may also increase trader concerns over whether these purchases will materialize. "But if not remember, I am a Tariff Man", Trump said.

"Apparently, the Chinese government doesn't want its people to consider the agreement as a failure for China", said Fang Kecheng, a Chinese media researcher at the University of Pennsylvania.

"It doesn't seem like anything was actually agreed to at the dinner and White House officials are contorting themselves into pretzels to reconcile Trump's tweets (which seem if not completely fabricated then grossly exaggerated) with reality", J.P. Morgan Chase said in a trading note.

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"President Xi and I want this deal to happen, and it probably will", Trump wrote.

Behind Beijing's apparent caution may also be a whiff of fear that the truce might not last, said Andrew Gilholm, of the consultancy Control Risks.

"Stuff is happening today", Kudlow said.

Financial markets surged on the news of the ceasefire, with the benchmark Dow Jones Industrial Average up 1.2 per cent, more than 300 points, about 30 minutes after the open, relieved that some of the immediate threat of further damage was averted.

Mr Trump said his team of trade advisers, led by China trade hawk and United States trade representative Robert Lighthizer, would determine whether a "REAL deal" with China was possible.

For meetings such as the Trump-Xi dinner, the initial official news report is typically drafted by the foreign ministry and approved by the General Office of the ruling Communist Party's Central Committee, she said.

National Security Adviser John Bolton said "some major changes" would need to be reached in China's behavior, but added, "Is there a path forward in which we can have fair and reciprocal trade?"

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